Bitquence (BQX) continues to range between 0.382fib retracement and 0.236fib retracement levels as its rectangular flag pattern gets completed.
On the daily time frame, price has continued to moved downward making a lower-lows and a lower-highs.
The performance results for flags are based on the short-term price swing,
not the change from the breakout to the ultimate high or low as in most other chart patterns.
Average rise/decline: 23%; 16%
Throwback/pullback rate: 43%; 46%
Percentage meeting price target for up/down breakouts: 64%; 47%
IMPORTANT THINGS TO TAKE NOTE OF
Can be any direction leading to the chart pattern.
Looks like a small rectangle often tilted against the prevailing price trend.
Prices move between two parallel, or near parallel, trendlines.
Flags are short, less than 3 weeks long. Patterns longer than that are rectangles or channels.
The flagpole which leads to the flag should be unusually steep and last several days.
Upward 54% of the time.
As the oscilator is at the over-bought area, price will gradually move down ranging between 0.00038217sats and 0.00027248sats.
The 25/50 EMAs crossed bearish on the 23rd of Feburary 2018 and tried to cross bullish but was rejected by a REJECTION WICK.
A wick is a rejection of price. If price was accepted at a certain level, it would stay there or advance past it. However, if the order flow in the market does not support price being at that level, it will reject it and send it back.
A buy price will be triggered when price breakout of the rectangular flag.
Disclaimer: This is for educational purposes,it is not intended as a financial advice.
The analyst won't be responsible for a loss of fund. Trader should be able to manage risk.